Central regions | Technology & innovation | Finance, business
Pangaea Ventures’ $20m Skolkovo plan aired
26 Aug '11
As part of a newly signed agreement with Russia’s Skolkovo Foundation US-Canadian VC fund Pangaea Ventures is expected to fund $20m worth of projects residing in the RF’s most touted ‘science city’ of Skolkovo outside Moscow, RIA Novosti reports, citing a Skolkovo Foundation press release.
According to Alexei Beltyukov, vice-president and director for development and planning of the Skolkovo Foundation, Pangaea Ventures’ international investment expertise and its sizable project portfolio “give Skolkovo hope for efficient and lasting cooperation with the VC fund.”
Pangaea Ventures reportedly focuses on ‘clean tech’ and innovative materials projects and nanotech programs.
The Skolkovo innovation center (‘science city’) is designed to become the largest ‘test bench’ for Russia’s new economic policy. On a specially dedicated area outside Moscow Russian authorities are hoping to set up a unique environment for research and development in the fields of energy and energy-efficient technology and the nuclear, aerospace, biomed and IT sectors.